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Tel-Instrument Electronics Corp. designs and manufactures avionics test and measurement equipment for commercial air transport, general aviation, and government and military aerospace markets. Company updates commonly cover quarterly and annual results, gross margin and operating expense trends, funded engineering work, and production activity for CRAFT upgrade kits including AN-USM-708A and AN/USM-719A.
News also addresses customer and program developments for the SDR-OMNI and SDR-OMNI/MIL flight-line test sets, Navy production approvals and delivery orders, aerospace supplier authorizations, and instruments used to test, measure, calibrate, and repair airborne navigation and communication equipment.
Tel-Instrument Electronics Corp. (OTCQB: TIKK) reported a net income of $600,057 for the fiscal year ending March 31, 2021, down from $4.7 million in 2020, driven by a 27% decline in sales due to COVID-19 impacts. Revenues totaled $11.6 million, with a gross margin decrease of $2.6 million. Despite challenges, the company ended with a cash balance of $5.5 million and a sales backlog of $7.6 million. Looking ahead, TIC anticipates improvements in FY 2022, focusing on hardware and software upgrades, and strong military business, while managing supply chain disruptions.
Tel-Instrument Electronics Corp. (OTCQB: TIKK) reported net income of $499,633 and revenues of $2,672,742 for Q3 FY2021, impacted positively by PPP loan forgiveness. However, revenues fell by 44% year-over-year, with decreased commercial and military sales due to COVID-19 supply chain challenges. Operating loss stood at $224,000 compared to a profit of $1 million last year. Despite these challenges, the backlog increased to $5.7 million, and cash balances reached $4.96 million, with all bank debt repaid. The company anticipates improved sales in FY2022 and continues to focus on military communication applications.